Description
***$745,000 PRICE REDUCTION*** We are pleased to present 943 Hancock Ave, a 21-unit development opportunity located in West Hollywood. 943 Hancock Ave is situated on 11,756 square feet of land zoned WDR4. The drawings call for an excellent unit mix of (6) 1 Bed / 1 Bath, (14) 2 Bed / 2 Bath, and (1) 3 Bed / 3 Bath units.The project calls for (1) three-bedroom / three-bathroom unit with the size of 2,379 square feet, (14) two-bedroom / two-bathroom units averaging 1,382 square feet with the potential to add a den to each of them, and (6) one-bedroom / one-bathroom units, averaging 912 square feet for the market rate units and 656 square feet for the three low-income units. The project will be five stories over two levels of subterranean parking, 41 total parking spaces, and a spacious rooftop.This project is one of the last development sites in West Hollywood to feature only 20% affordable components because the plans were submitted before a new resolution was adopted. As of October 17, 2022, the City Council adopted Resolution No. 22-5564 which required the demolition of protected units to be replaced with deed-restricted lower income affordable units that would not result in more than 35% of the total units in the project being deed-restricted. Additionally, this property is not subject to Measure ULA because it is not governed by the City of Los Angeles, which saves the buyer a 5.5% transfer tax if/when the finished new construction building is sold.943 Hancock Ave is ideally located in prime West Hollywood, steps away from both Sunset Blvd and Santa Monica Blvd, in a pocket called Norma Triangle. The Norma Triangle is walkable and upscale neighborhood with cafes and restaurants, shopping, nightclubs, parks, and bars in close proximity.
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0BEDS
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0.27ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
***$745,000 PRICE REDUCTION*** We are pleased to present 943 Hancock Ave, a 21-unit development opportunity located in West Hollywood. 943 Hancock Ave is situated on 11,756 square feet of land zoned WDR4. The drawings call for an excellent unit mix of (6) 1 Bed / 1 Bath, (14) 2 Bed / 2 Bath, and (1) 3 Bed / 3 Bath units.The project calls for (1) three-bedroom / three-bathroom unit with the size of 2,379 square feet, (14) two-bedroom / two-bathroom units averaging 1,382 square feet with the potential to add a den to each of them, and (6) one-bedroom / one-bathroom units, averaging 912 square feet for the market rate units and 656 square feet for the three low-income units. The project will be five stories over two levels of subterranean parking, 41 total parking spaces, and a spacious rooftop.This project is one of the last development sites in West Hollywood to feature only 20% affordable components because the plans were submitted before a new resolution was adopted. As of October 17, 2022, the City Council adopted Resolution No. 22-5564 which required the demolition of protected units to be replaced with deed-restricted lower income affordable units that would not result in more than 35% of the total units in the project being deed-restricted. Additionally, this property is not subject to Measure ULA because it is not governed by the City of Los Angeles, which saves the buyer a 5.5% transfer tax if/when the finished new construction building is sold.943 Hancock Ave is ideally located in prime West Hollywood, steps away from both Sunset Blvd and Santa Monica Blvd, in a pocket called Norma Triangle. The Norma Triangle is walkable and upscale neighborhood with cafes and restaurants, shopping, nightclubs, parks, and bars in close proximity.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2023-05-30T09:43:06.773. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.